SURIGAO CITY (PNA) -Second District Surigao del Norte Representative Guillermo Romarate, Jr. of Liberal Party today has claimed that establishment of micro-insurance either through cooperative system initiated by different local government units in the country or large or middle-sized insurance providers will provide for rural and poor communities is now very timely and badly needed

“With the onslaught of unpredictable disasters like floods, landslides victimizing rich and poor, rural and urban areas, it is now very timely and badly needed in fact that we have to promote micro-insurance to protect lives, properties especially the poor which mostly suffer the biggest brunt if disaster strikes in his or her farm, community, abode and others that are not usually protected”, Romarate said.

Romarate who is Chairman of the House Committee on Insurance and member of house committee on BANKS AND FINANCIAL INTERMEDIARIES recently conducted committee hearing with private insurance company officials like former CB Governor Jose Cuisia now Philam Insurance President and officials of the Insurance Commission here.

Insurance Commission of the Philippines Commissioner Atty. EMMANUEL F. DOOC, Deputy Commissioner Atty. Vida Chiong and lawyers at the Commission were also present at the Committee Hearing.

Committee leadership met with bigwigs of the insurance industry and the Insurance Commission of the Philippines to discuss some amendments of the Insurance Code that will fit and relevant with the needs of the times.

Guillermo said that he is somehow sad that despite of the great need to insure farms, life and properties at times affected by disasters only 12% according to the statistics of the Filipinos are now insured.

“We admit that there is somehow lack of comprehensive, widespread information dissemination campaign to educate many of Filipino brothers and sisters on the importance of insurance. Many of us think that when we insure our farms, properties and even our lives it is additional expenses to us” Romarate said.

Romarate claimed that some apprehensions of Filipinos especially the marginal poor sector in the cost of premiums were true the reason why there is lackluster interest of the Filipinos about insurance have been decreasingly weaning over the years.

“That is why there is a need to establish a micro-insurance system in this country to make provision of insurance accessible and affordable that will allow cheaper insurance premiums available to all, yung patigi-tigi ba mahilig naman mga Filipinos dyan eh”, Romarate said.

The country’s insurance czar Insurance Commissioner Emmanuel Dooc for his part claimed the clamor for establishment of micro-insurance in the country have been increasing over the years.

“The Quezon City Government is a great example who gave greater importance on micro-insurance for their constituents under leadership of former Mayor Sonny Belmonte now Speaker and now Mayor Herbert Bautista. The Q.C. government has taken the lead for local government units to provide insurance through micro systems for their constituents” Dooc toldPNAin an interview.

Romarate said he will study the Quezon City Government experience on micro-insurance on how they partnered themselves with private insurance providers providing very cheap premiums.

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